In order to effectively deter, uncover, and minimize losses associated with mortgage fraud, lenders should have a comprehensive fraud detection and deterrence plan in place that covers all aspects of the production cycle (origination, processing, underwriting, and closing) and all areas of the servicing function.

Employees should have the appropriate training and resources needed to be aware of fraud in their daily routines. Additionally, each lender should have clear processes and procedures employees should follow when they suspect fraud, including a path of escalation when red flags have been identified.

Freddie Mac, Fannie Mae, Consumer Financial Protection Bureau (CFPB) and many other industry organizations have compiled lists of red flags, best practices, and resources that help mortgage lenders and their staff stay ahead of fraud perpetrators.

We begin Mortgage Loan Fraud Best Practices and Resources with a look at the best practices that help lenders create a culture in which fraud detection is a priority. Next, we describe the steps that mortgage loan originators, underwriters, and management can take to become the first line of defense of fraud. We then describe quality control best practices and the four common categories of loan defects that might indicate fraud. Toward the end of the course, we discuss the resources that are available to help mortgage personnel and borrowers help combat fraud.

Topics:

Lender Best Practices

Origination, Processing, and Underwriting Best Practices

Quality Control

Fraud Resources

Seat time approximately one (1) hour.

Copyright 2017.

Product Category:

Self-Study Web-Based Courses

Notes:

This is a self-paced, self-study course. Enroll anytime and take up to 12 months to complete the course.